One of the mysteries that people claim to well understand is why banksters have been given tons of taxpayer money as a reward for their plunder of the treasury.
It is almost the mother of all conspiracy theories following Bush II doing a heckuva job on "the turrisstsss."
A law was even passed which was touted as the tip of the spear that would jab them with justice.
Regular readers know that Dredd Blog recently re-visited "White Collar Fraud Legislation Passed - 2" to review all the prosecutions of the plunder barons that have taken place under that law.
Some time back we also began a series that considered such bankster plunder to be a state crime against democracy, a "SCAD".
Here is the text of the Dredd Blog post on this date in 2010:
The use of the word "$CAD" in the title (a take off on "SCAD") means State Crimes Against Democracy conducted by theft of the public fisc.
The Dylan Ratigan Show on MSNBC yesterday was a mind blower to many folks, because it focused on the issue.
Dylan had on a guest who created "Inside Job", a documentary about the banksters who plundered the treasury, and who are still doing so wantonly.
This is another one of those situations where the government is complacent in some degree, clearly making this a broad based State Crime Against Democracy (SCAD).
Dredd Blog takes that position because it is a federal crime to steal public money by deception or similar means:
§ 648. Custodians, generally, misusing public funds(Cornell Law School). A creative U.S. Attorney could use these statutes to prosecute what has happened on Wall Street for a decade, but there are even more statutes to contemplate:
Whoever, being an officer or other person charged by any Act of Congress with the safe-keeping of the public moneys, loans, uses, or converts to his own use, or deposits in any bank, including any branch or agency of a foreign bank (as such terms are defined in paragraphs (1) and (3) of section 1(b) of the International Banking Act of 1978), or exchanges for other funds, except as specially allowed by law, any portion of the public moneys intrusted to him for safe-keeping, is guilty of embezzlement of the money so loaned, used, converted, deposited, or exchanged, and shall be fined under this title or in a sum equal to the amount of money so embezzled, whichever is greater, or imprisoned not more than ten years, or both;
§ 653. Disbursing officer misusing public funds(Cornell Law School). The scope of federal law reaches far, down into state banks and other banks that participate in utilizing public funds:
Whoever, being a disbursing officer of the United States, or any department or agency thereof, or a person acting as such, in any manner converts to his own use, or loans with or without interest, or deposits in any place or in any manner, except as authorized by law, any public money intrusted to him; or, for any purpose not prescribed by law, withdraws from the Treasury or any authorized depositary, or transfers, or applies, any portion of the public money intrusted to him, is guilty of embezzlement of the money so converted, loaned, deposited, withdrawn, transferred, or applied, and shall be fined under this title or not more than the amount embezzled, whichever is greater, or imprisoned not more than ten years, or both;
§ 656. Theft, embezzlement, or misapplication by bank officer or employee(Cornell Law School). The little roots of federal law even go deep into the lending and insurance systems across the nation:
Whoever, being an officer, director, agent or employee of, or connected in any capacity with any Federal Reserve bank, member bank, depository institution holding company, national bank, insured bank, branch or agency of a foreign bank, or organization operating under section 25 or section 25(a) of the Federal Reserve Act, or a receiver of a national bank, insured bank, branch, agency, or organization or any agent or employee of the receiver, or a Federal Reserve Agent, or an agent or employee of a Federal Reserve Agent or of the Board of Governors of the Federal Reserve System, embezzles, abstracts, purloins or willfully misapplies any of the moneys, funds or credits of such bank, branch, agency, or organization or holding company or any moneys, funds, assets or securities intrusted to the custody or care of such bank, branch, agency, or organization, or holding company or to the custody or care of any such agent, officer, director, employee or receiver, shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both; ...
As used in this section, the term “national bank” is synonymous with “national banking association”; “member bank” means and includes any national bank, state bank, or bank and trust company which has become a member of one of the Federal Reserve banks;
§ 657. Lending, credit and insurance institutions(Cornell Law School). Any attempt to cover up or misrepresent the value of assets ("toxic assets") would fall into the financial criminal statutes as well:
Whoever, being an officer, agent or employee of or connected in any capacity with the Federal Deposit Insurance Corporation, National Credit Union Administration, Office of Thrift Supervision, the Resolution Trust Corporation, any Federal home loan bank, the Federal Housing Finance Agency, Farm Credit Administration, Department of Housing and Urban Development, Federal Crop Insurance Corporation, the Secretary of Agriculture acting through the Farmers Home Administration or successor agency, the Rural Development Administration or successor agency, or the Farm Credit System Insurance Corporation, a Farm Credit Bank, a bank for cooperatives or any lending, mortgage, insurance, credit or savings and loan corporation or association authorized or acting under the laws of the United States or any institution, other than an insured bank (as defined in section 656), the accounts of which are insured by the Federal Deposit Insurance Corporation, or by the National Credit Union Administration Board or any small business investment company, or any community development financial institution receiving financial assistance under the Riegle Community Development and Regulatory Improvement Act of 1994, and whoever, being a receiver of any such institution, or agent or employee of the receiver, embezzles, abstracts, purloins or willfully misapplies any moneys, funds, credits, securities or other things of value belonging to such institution, or pledged or otherwise intrusted to its care, shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both;
§ 1005. Bank entries, reports and transactions(Cornell Law School). The creator of the documentary Inside Job was asked by Dylan Ratigan why not one, zero, nada, of the banksters had been prosecuted for the criminal enterprise that brought our economy down, that took millions of homes, millions of jobs, along with security and peace of mind from millions of American men, women, and children.
Whoever, being an officer, director, agent or employee of any Federal Reserve bank, member bank, depository institution holding company, national bank, insured bank, branch or agency of a foreign bank, or organization operating under section 25 or section 25(a) of the Federal Reserve Act, without authority from the directors of such bank, branch, agency, or organization or company, issues or puts in circulation any notes of such bank, branch, agency, or organization or company; or
Whoever, without such authority, makes, draws, issues, puts forth, or assigns any certificate of deposit, draft, order, bill of exchange, acceptance, note, debenture, bond, or other obligation, or mortgage, judgment or decree; or
Whoever makes any false entry in any book, report, or statement of such bank, company, branch, agency, or organization with intent to injure or defraud such bank, company, branch, agency, or organization, or any other company, body politic or corporate, or any individual person, or to deceive any officer of such bank, company, branch, agency, or organization, or the Comptroller of the Currency, or the Federal Deposit Insurance Corporation, or any agent or examiner appointed to examine the affairs of such bank, company, branch, agency, or organization, or the Board of Governors of the Federal Reserve System; or
Whoever with intent to defraud the United States or any agency thereof, or any financial institution referred to in this section, participates or shares in or receives (directly or indirectly) any money, profit, property, or benefits through any transaction, loan, commission, contract, or any other act of any such financial institution — Shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
He said because Eric Holder is not willing to prosecute the criminals because he is soft on these types of crimes against democracy, which converts the situation into State Crimes Against Democracy due to complacency.
Here are a few Dredd Blog Posts on, or related to, this subject:
State Crimes Against Democracy - 5In conclusion, the banksters were said to be "too big to fail", but as it turns out they are Too Big To Jail.
Hood Robbin' From Poor Givin' To Rich
When Accountability Is A Plague
Break up the banks ...